Braintree and Venmo launch one touch payments for mobile apps

By (PRESS RELEASE)

Venmo Touch to Drastically Improve the Mobile Purchasing Experience

CHICAGO – January 31, 2013 (8:00 AM PT) – Braintree, the fastest growing payments platform for online and mobile commerce, today introduced Venmo Touch, a service that enables one touch payments across multiple applications. By facilitating a seamless checkout experience, Venmo Touch will save consumers the hassle of having to re-enter payment information on a mobile device across merchants in the Braintree network. The company is releasing Venmo Touch in private beta for select Braintree clients, with HotelTonight, TaskRabbit, Wrapp and several others enabling the service for their customers over the coming weeks.

Braintree currently enables repeat purchases for over 35 million consumers across thousands of e-commerce sites and applications by storing consumers’ payment information for future use at those merchants. Venmo Touch is taking one touch payments a step further so consumers can enter their credit card information once and pay across the many merchants in Braintree’s network.

Venmo Touch eliminates the need for consumers to re-type credit card numbers by providing a secure, connective layer across all apps on a mobile device. When users enter their payment information into one of the apps in the network, they will be prompted to “save the card with Venmo” to enable one touch payments when using other apps on the same device. This process protects against unauthorized purchases as the user simply enters the credit card security code when using a new app.

“Filling out forms and entering payment information on a mobile device is a real hassle for users,” said Bill Ready, CEO of Braintree. “Each time a user downloads a new app, the user needs to re-enter payment information, creating frustration for users and a huge obstacle in the user sign-up process for apps. Venmo Touch lets you store payment information once and then use it across multiple apps without requiring users to sign-up or download a separate app. This makes the payment and sign-up process much easier.”

“As an app developer laser-focused on customer experience, one of our primary goals is simplicity. It's great to offer customers who opt-in one fewer step between download and booking a hotel room,” said Sam Shank, CEO of HotelTonight. “Braintree understands that consumer experience is a huge differentiator for mobile apps, and Venmo Touch will make that experience even better."

Venmo Touch is a result of the vision shared by Braintree and Venmo (acquired by Braintree in 2012) to design the best possible user experience for payments on mobile devices. Venmo Touch is free for consumers and Braintree clients. To learn more about Venmo Touch, please visit Venmo Touch Landing Page. Additional information can also be found at Merchant Blog or Consumer Blog.

About Braintree

Braintree is the fastest growing payment platform for online and mobile businesses, offering all the tools merchants need to accept payments and provide consumers a frictionless experience at checkout. Braintree provides merchants with a secure payment gateway, merchant account, recurring billing, and credit card storage, as well as industry-leading customer service and an easy-to-integrate API. Braintree operates internationally, and allows merchants in over 30 countries to accept payments in over 130 currencies.

Braintree’s consumer brand, Venmo, offers a digital wallet and mobile payment application that extends Braintree’s payment platform to consumers, making it easy for consumers to make payments on mobile devices. The Venmo iPhone and Android apps connect your phone with your bank accounts, debit cards, and credit cards, so you can instantly send money to anyone. When you receive money, you can withdraw it to your US bank account overnight. To learn more about Venmo, visit venmo.com.

Braintree’s solutions have been proven to scale and support many of the most discerning, high-growth companies on the web, including Uber, Rovio/Angry Birds, LivingSocial, Airbnb, Fab.com, GitHub, OpenTable, LevelUp, TaskRabbit and HotelTonight. Founded in 2007, Braintree is now processing more than $6 billion annually from over 4,000 merchants, $1.5 billion of which is on mobile. Braintree enables single-click, frictionless purchasing at checkout for more than 35 million consumers. Visit Braintree at www.braintreepayments.com and on Twitter @braintree.